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Randolph County – Industry Affiliation

Picture of valves The array of different industries in a county significantly impacts its economy in various ways, contributing to economic stability, growth, and resilience. Here are some key effects:

  1. Economic Stability and Resilience
    • Diversification Reduces Risk: A county with a diverse range of industries is less vulnerable to economic shocks. If one industry faces a downturn, others can help stabilize the economy.
    • Resilience to Market Fluctuations: Different industries often respond differently to market conditions. For example, while manufacturing might decline during a recession, healthcare or education might remain stable.

  2. Job Creation and Employment
    • Variety of Employment Opportunounties: A mix of industries provides a wide range of job opportunounties, catering to different skill sets and education levels.
    • Reduced Unemployment: Diversification helps maintain lower unemployment rates, as job losses in one sector can be offset by gains in another.

  3. Innovation and Competitiveness
    • Cross-Industry Collaboration: Different industries can foster innovation through collaboration. For example, technology companies working with healthcare providers can lead to advancements in medical technology.
    • Attracting Talent: A diverse industrial base attracts a skilled workforce, enhancing the county's competitiveness and ability to innovate.

  4. Economic Growth and Development
    • Increased GDP: A variety of industries contribute to the county's Gross Domestic Product (GDP), driving overall economic growth.
    • Infrastructure Development: The presence of multiple industries often leads to better infrastructure, such as transportation, utilounties, and communication networks, which further supports economic activounties.

  5. Tax Revenue and Public Services
    • Higher Tax Revenue: A diverse industrial base generates more tax revenue from different sources, including corporate taxes, income taxes, and sales taxes.
    • Funding for Public Services: Increased tax revenue allows the county to invest in public services like education, healthcare, and public safety, improving the quality of life for residents.

  6. Attracting Investment
    • Investor Confidence: A diversified economy is more attractive to investors, as it reduces the risk associated with economic downturns in any single industry.
    • Foreign Direct Investment (FDI): Counties with a variety of industries are more likely to attract FDI, which can further boost economic growth.

  7. Quality of Life
    • Variety of Goods and Services: A diverse economy ensures a wide range of goods and services are available to residents, improving their quality of life.
    • Cultural and Social Benefits: Different industries often bring cultural and social diversity, enriching the county's cultural landscape and community life.

  8. Environmental Impact
    • Sustainable Practices: A mix of industries can promote sustainable practices, as different sectors may adopt varying approaches to environmental responsibility.
    • Balanced Resource Use: Diversification can lead to more balanced use of natural resources, reducing the environmental footprint of the county.

  9. Global Connectivity
    • Trade and Export Opportunounties: A diverse industrial base enhances a county's ability to engage in international trade, exporting a variety of goods and services.
    • Global Networks: Different industries often have global networks, increasing the county's connectivity and integration into the global economy.

In summary, the presence of a diverse array of industries in a county fosters economic stability, growth, and resilience, while also enhancing the quality of life for its residents and attracting investment and talent. This diversification is crucial for sustainable long-term economic development.

A diversification score measures the diversity of the industries in the county. As the value appoaches 100, industry diversity decreases and therefore increasing the risk of economic failure for the county should those limited industries befall a calamity. The industry diversification score for this county is:

14.61

Most common industry excluding Educational Services is:

Wholesale/ Retail

 
DescriptionEm­ployed
16 and
Over
Agri­culture/
Mining/
Con­struction
Manufac­turing Whole­sale/
Retail
Transpor­tation Infor­mation Finance/
Insu­rance/
Real Estate
Profes­sional
Services
Manage­ment
Services
Adminis­trative/
Waste Services
Educa­tional
Services
Enter­tainment
Services
Other
Profes­sional
Services
Public
Adminis­tration

Randolph County10,9367681,5182,3021,0169647024001612,630671577487
Missouri (in 000's)3,094260353426183492261985112745251147137
National (in 000's)170,84514,58316,94922,45210,0443,19011,49313,8472177,12439,93414,8428,0278,142
Boone County100,8916,5706,23011,4643,9791,4938,5855,7461702,18235,20610,3764,0724,818
Audrain County10,6387671,6711,384881174443295192482,959585538674
Macon County6,6367938931,01447017439122829721,349478312433
Howard County4,509533508526330473015801141,381263193255
Monroe County3,6225996904552334514013459576095195176
Chariton County3,24056530451024858122450119782153221113
 
Per Cent to Total Employed 16 and OverDiversity
Index
 

Randolph County14.617.0213.8821.059.290.884.302.190.001.4724.056.145.284.45
Missouri12.248.4011.4213.795.931.597.306.400.163.6324.088.124.764.42
National11.778.549.9213.145.881.876.738.110.134.1723.378.694.704.77
Boone County16.996.516.1711.363.941.488.515.700.172.1634.9010.284.044.78
Audrain County14.397.2115.7113.018.281.644.162.770.182.3327.825.505.066.34
Macon County11.9211.9513.4615.287.082.625.893.440.441.0820.337.204.706.53
Howard County15.3211.8211.2711.677.321.046.681.290.002.5330.635.834.285.66
Monroe County13.7216.5419.0512.566.431.243.873.700.142.6220.982.625.384.86
Chariton County13.9517.449.3815.747.651.793.771.390.003.6724.144.726.823.49
 
Comparisons to State Norms % to Total >= 150% % to Total < 50% 

Randolph County 83.57121.59152.69156.7855.1258.8634.290.0040.5999.8575.58110.80100.66
Missouri 100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00
National 101.5886.9095.3399.21117.2492.14126.6579.08114.9797.05107.0198.66107.73
Boone County 77.4954.0982.4366.5592.92116.5589.00104.7459.63144.89126.6884.75107.94
Audrain County 85.80137.5994.37139.75102.7057.0443.33111.0264.28115.4967.74106.20143.21
Macon County 142.21117.88110.84119.52164.6480.7053.69271.6529.9284.4188.7398.73147.49
Howard County 140.6798.6984.62123.5065.4591.4320.100.0069.71127.1771.8589.88127.83
Monroe County 196.80166.8791.13108.5678.0152.9457.8185.8172.3287.1232.31113.06109.84
Chariton County 207.5282.19114.18129.17112.4051.5721.700.00101.27100.2158.17143.2478.83
 
Comparisons to National Norms % to Total >= 150% % to Total < 50% 

Randolph County 82.27139.92160.18158.0347.0163.8927.080.0035.31102.8870.63112.2993.44
Missouri 98.44115.08104.90100.8085.29108.5378.96126.4686.98103.0493.45101.3592.83
National 100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00
Boone County 76.2962.2586.4667.0879.25126.4970.27132.4651.87149.29118.3885.90100.20
Audrain County 84.47158.3499.00140.8787.6061.9034.21140.4055.91119.0063.30107.64132.94
Macon County 140.00135.65116.27120.47140.4387.5942.39343.5426.0286.9782.91100.07136.91
Howard County 138.48113.5788.77124.4955.8399.2315.870.0060.64131.0367.1491.10118.66
Monroe County 193.74192.0395.59109.4266.5457.4645.65108.5262.9089.7730.19114.59101.96
Chariton County 204.2994.58119.78130.2095.8755.9717.140.0088.09103.2654.36145.1773.18


Sources: STI: PopStats, Circa April 2025